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OH HB483
Bill
Status
5/19/2010
Primary Sponsor
Denise Driehaus
Click for details
AI Summary
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Increases the maximum amount the Treasurer of State may invest in agricultural linked deposits from $125 million to $200 million.
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Raises the maximum loan amount for eligible agricultural businesses from $100,000 to $150,000.
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Changes the interest rate requirement from "equal" to "proportional" reduction, allowing the loan rate reduction to be proportional rather than exactly equal to the deposit rate reduction below market rates.
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Removes the specific requirement that loan rate reductions must exactly match the percentage rate reduction below market rates at which certificates of deposit were placed, giving lenders more flexibility in setting rates.
Legislative Description
To modify the Agricultural Linked Deposit Program with respect to the maximum amount the Treasurer of State may invest in agricultural linked deposits, the maximum loan amounts, and the interest rate at which loans are made under the Program.
Agricultural Linked Deposit Program-modify amount Treasurer of State may invest in
Last Action
To Finance & Financial Institutions
5/20/2010